July Market Update
July 2021 – a story of resilience
Summer vacation from home sales? Maybe, but the 2021 market continues to break price and demand records.
- Sales pace calmed in July, down 2% from June and 14.9% from the record-breaking July we saw last year.
- Prices continue to see double digit growth, up 12.6% from last year
- The average home price? Now at 1,062,256
- Listings are selling in just over 2 weeks, at 15 days (which is 11.8% faster than last year)
🔹What does this mean?
Although less sales were reported, especially when comparing to 2020’s July (when we first saw lockdowns lifting), the numbers still remain well above average for this time of year. Step 3, summer holidays and potential fatigue of the fast-paced spring we saw, all contribute to this.
Even more so, extreme price growth caused by a serious demand and lack of inventory still defines the Toronto real estate market, which very clearly favours Sellers.
The condo market, which was hit by the pandemic in both sales and price, has turned around. First time home buyers are very active in the market, combined with vaccinations, people returning to work, and the craze of the detached market has resulted in the condo market sales showing the strongest year over year growth from last year, at 8.2%.
🔹Why should I care?
In a sense, the slowdown in sales pace gives us…you guessed it, opportunity. With the right strategy, this could be the perfect window to buy – whether it’s a detached with (slightly, slightly) less competition, or a condo in a more milder (recovering) price point.
Seller’s, this market needs a strategy. The demand is there, but you have to know pricing, timing and marketing that is right for your property.
Good news: I can help.
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